The Transportation Trust Fund is going bankrupt. The 1985 vote on the TTF received more ‘No’ votes than ‘Yes’ votes but a dependent Court ruled that it had passed! This makes the TTF illegitimate.
The TTF was created to tax the people in order to enrich the wealthy bond owners. The more money spent the richer the bond owners became. This mismanagement resulted in its bankruptcy. It created extravagant projects like the high bridge for Route 35, spending 2 to 3 times more than a ground level bridge. Big Oil also benefits from gas wasted climbing up the hill. It makes walking or bicycling more difficult.
The best solution is to abolish the TTF, and start taxing the income from state and municipal bonds to prevent wasting future tax money. Adopting a pay-as-you-go financing system will prevent future extravagant squandering. We don’t need a new general tax to make the wealthy richer. One Great Depression in a lifetime is one too many.
Ronald A. Sobieraj
Connect with NJTODAY.NET
Join NJTODAY.NET's free Email List to receive occasional updates delivered right to your email address!